Welcorp Elliot Wave Analysis

WELCORP @ 557 (WELSPUN CORP LTD)

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•  Bull cycle started for this stock in year 2000.

•  From low of 14 posted in a year 2000 till high of 401 posted in a year 2008 stock completed its long term wave-1.

•  From high of 401 till COVID LOW of 55 stock remains in a big big bear cycle and completed a long term wave-2

•  From low of 55 COVID LOW stock started long term wave-3, below will show it's markings.

•  From low of 55 till high of 155 wave 1 of 3rd done.

•  From high of 155 till low of 102 wave 2 of 3rd done.

•  From low of 102 stock is in middle of its wave 3 of 3rd which is moving up by forming its sub waves which will mark below.

•  From low of 102 to till high of 293 I of 3 of 3rd done.

•  From high of 293 till low of 170 II of 3 of 3rd done.

•  From low of 170 till recent high 626 wave III of 3 of 3rd done.

•  From high of 625 till recent low of 467 it seems wave IV  of 3 of 3rd done

•  And now from low of 467 wave V of 3 of 3rd started for upside 1370 as next projection.

•  **This projection fails if stock breaks 467 spot levels so consider 467 as now pattern negation level (stop-loss) for short term trading and investing for upside 1370 as projection.

•  #NOTE: if stock breaks 467 than for short term wave counts gets change but long term trend remains bullish only.